Significant Google Search Algorithm Update

It looks like there is an algorithm update taking place at Google search now - it is hard to say if it is Panda, Penguin or something unrelated - right now, it doesn't seem like Penguin but it might be Panda related. Google has not confirmed if there was an update yet but it does seem like something major touched down in the Google search results yesterday.
We have a lot of discussion and chatter around it at WebmasterWorld and all but one of the automated tracking tools showed significant changes.
Here are the automated tools charts for yesterday (click on them to go to their sites):







First reports of this change happened around yesterday morning where Pete Hall said, "Something happened in the UK overnight. Not really sure what to make of it - some verticals shifted quotes bit and others remain unchanged."
But then as the day went on and as people checked their analytics for the day's results, other webmasters started to notice:
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